Economy in crisis? The G-20 is on it!
“How can our governments work together to overcome the global recession?”
– Yahoo! UK & Ireland Answers team
This week, while we citizens continue to lose our jobs, our savings, and our patience, the Group of Twenty Finance Ministers and Central Bank Governors (aka the G-20) will convene in London to try to figure out some solutions to our global economic crisis.
The G-20 is a group of the top economic leaders from 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the U.K., and the U.S. plus The E.U. If you add them all together, the G-20 economies comprise 85% of global gross national product, 80% of world trade, and two-thirds of the world population. The G-20 likes to meet every year or so to discuss global markets, economic policies, trade, and the like. Obviously, this year they have a lot to talk about.
So, perhaps we can all relax now that we know that our best economic and government leaders are on the case, right? We can just wait around while they think up a solution, right? We hope so. But, one could argue, after all, that it was banking and lending institutions that got us into this mess in the first place.
Just before last year’s G-20 summit in Washington, French President Nicolas Sarkozy said, “We must rethink the financial system from scratch, as at Bretton Woods.” Gordon Brown said we must agree to a “new, international financial architecture for the years ahead.” And perhaps they’re right. Maybe we should stop relying on misguided bankers and financial pundits to solve our problems. Maybe instead, our heads of state should look to Yahoo! Answers.
Should we let the banks and investment funds fail? Should we continue to prop them up with tax dollars? Should we buy more? Consume less? Should we be more green and less profitable, or should we say to heck with the environment and start dumping all of our toxic waste into the ocean? Maybe we should just ditch the whole system and return to the woods where we could learn to hunt and survive on nuts and berries! Maybe not.
So, we ask you, Answers community: How can our governments work together to overcome the global recession?
Since this is truly an international problem, we’re asking this question on all of our international Answers Blogs, too, such as Germany and Spain. The best answers will be collected together and featured in a coming blog post. So, let’s give our economic leaders something to think about! We look forward to reading all of your opinions and ideas to the question.
– Yahoo! UK & Ireland Answers team
- For more questions on this topic, try our Politics and Government category.
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The best thing that could happen at the G20 would be for the British and American delegates to be eaten by the rest. It is sickening to Brown and Obama dealing out platitudes whilst they continue to dig an even deeper hole for us to slide into.
Should countries be driven by their Economy or should the Economy serve the people of a country to give them a better quality of life? Money is only a token of wealth and doesn’t define it. Maybe we need to switch our emphasis on building strong sustainable economies that aren’t held aloft by fragile ‘credit booms’.
Fact is, from a purely personal viewpoint, the G20 is about politicians protecting themselves and the financial sector. They are not concerned with protecting ‘Joe Public’ savers or investors.
This London G20 meeting will end up as another failures or British PM Gordon Brown’s bailout plans for UK banks. To borrow and to start lending to each other again. Gordon Brown’s international financial architecture plan is impractical. A better one is the French plan to rethink the financial system from scratch.Banks are not solely responsible for the current global financial mess.
G20 leaders must sit down and help America out of its worst financial crisis. So that it can once again be able to play the leading role in international trade and finance and to get the world out of this global recession.
I complettely agree with Pete above.
In addition I would say that we need to reconsider what we mean by ‘growth’ as opposed to development.
Do endless pointless variants of one consumer product or another realy give people ‘choice’ worth having?
As a sociaty we are in the grip of an additction to making money and wealth for it’s own sake. Our best psychologists work in advertising rather than therapy. We seem to spend so much of our own and our planets wealth on endeavours which are wasteful and pointless.
The G20 participants should be patient and open-minded. They should avoid interrupting, showing arrogance, being overheard making offensive or “inside” jokes, or showing other signs of immaturity, boorishness, or lack of dignity. These traits have greatly hampered international relations in the past. Let’s hope the present talks will be directed by leaders who have the bearing and conduct necessary to tackle the financial, moral and political challenges they face.
CND = – Obama style – is working to save MUCHO MAZUMAS that can be put to feeding the starving, healing the sick, education for the poor & disadvantaged,clothing the exposed, etc
http://uk.news.yahoo.com/4/20090405/twl-obama-rid-world-of-nuclear-weapons-41f21e0.html
But God knows & has revealed the end in Man’s Maker’s Manual
Armageddon will happen – as in Joel 3, Zechariah 14 & Revelation 16-19
http://www.BibleGateway.com
Don’t miss the instant airlft Rapture rescue of all who ove Jesus
In good time
B4 da worst time ever
Matt 24:30-42 &
1 Thessalonians 4:13-5:11
“NOW is the day of salvation”
We have all the techno for the Beast/Antichrist worst global tyranny ever
As in Revelation 13:15-18 total control freakery
“TODAY, if you hear God’s voice, don’t harden your heart”
Must go
On a mission from God
http://simplythetruth.revelationTV.com
Q: “How can our governments work together to overcome the global recession?”
A: Simple.. Get Rid of Capitalism.
I think the G – 20 is a good thing, for although we are know in a recession we can know fianlly look at our institituions (e.g. banks, goverments) and see them at true face value!! yes the bankers have alot to say!! but hardly enough to pay!! since where we are the people footing the bill!! yet the banks, sub – prime mortages etc, the market which cant be seen behind the big institutions of these banks!! it clear the banks and markets (e.g. sub prime markets) bet to much money! and passing out mortages! and like they where goin out of fashion!! an far over rating the price for a house and not being realistic, so the market on banking, markets around the world where betting! on a bubble that was gonna burst at any time! and well this why we are here!! because we were not watchin our wallet! (money) from banks, to markets!! yet the only people the G – 7 didnt include in the good times are the very people who have to save us from this crisis! China, India, Brazil!! the list goes on. My point is that there should good collabarotation! and the rich countries will know understand! that yes there is more then just them in the world! and that over countries need to be recognised! since the boot is on the over foot! and developing countries!! are the ones with the surplus of cash!! why ofc britain has a massive defiecit! and right now we need all to come here! and save all from the trouble we got ourseleves in!! i say “we” i dont mean the tax payer, i mean the finanical market and banks that got us in this state! and this how they thank us. “the banker”s! like it seems a “deal” has happend between the govt, and the banks, why we have “no deal” the public! on the whole yes!! i look forward to all countries collabortaing and working together to save this sinking ship!! the U.K!! thank you good night
It was obvious during the 1980′s all was not well with major economies – so I started researching full-time – because I believed there was something vital we could do, and I knew feasibility needs to be established before any new project can get off the ground.
I discovered my idea could lead to many great things. It is a fairly simple idea. Basically – what is missing in society today? (Truly) affordable starter homes that serve to fill the gap between rich and poor.
I examined the design – and endeavoured to identify the best materials to make these, and ways to site these – and came up with a brand new concept – a whole range of products that could, and should be, produced to stimulate the economy.
Importantly, these are essential versatile products people need which will help people survive Climate Change, and will improve the quality of life.
The fundamentals of housing – everyone needs somewhere to live – but that is not a recognised Human Right. We should alter that. Housing should not a lottery. The cost of supporting all those who have to depend on welfare / tax-payers because they have no alternative is too huge a burden, and unsustainable.
For disaster limitation, world leaders should study my designs and research – all available on-line, for FREE via my website
i think G-20 should insure one another so that there will not be chain effects. for example, banks could buy insurance overseas. so if they failed or needed money the insurance abroad could provide them with money money.
The idea could be that if one government, had an insurance in another country, then if its banks started to collapse, the other country could inject some funds to the country that suffers to stabilise it a bit.
An example could be if governments paid some tax or insurance fee to the world bank. the world bank, the world bank could then give loans or insurance to those areas in the countries economy that go through a serious crisis.
the idea sounds okay to me, but i am not sure how practically it is possible. if a bank manages itself badly and it collapses and files for bankrupcy, i think it could be a kind of game over..then the insurer or the government could create a deficit…,,mmm
may be a national monitoring system is necessary, like some group of auditors for major business in S&P500 , for example, or for businesses with high leverage or with high number of debtors. Those auditors could check if a businesses do dangerous deals.
but that could mean changes in the corporate governance are needed, new standards and regulations..now the auditors could have more say in some businesses
could such national policies work.. send to my email the G-20 government reports and i will check
How can they work together to fix the economic crisis?
The answer isn’t really all that complicated. They need to stop their infernal meddling and bungling and allow the damned correction to happen.
Those who blame capitalism for the problem know nothing about how the economy works and should be brushed aside like the angry yet harmless children that they are so the problem can be solved by the adults.
Any solution to the global crisis will require self-restraint and limiting our desires to the means we have. The solution needs to be looked at a more micro level. Why did the level of indebtedness increase so much? Why, despite such high and exorbitant rates people still agree to take loans? The global crisis is a symptom of a problem. If this symptom is done away with by artificial means some other may arise soon. We need to look how to strike at the problem itself.
World Economic Crisis
I do not find it difficult to understand the position of Prime Minister Brown and President Obama regarding the present economic crisis, what I do not understand is why, through successive governments world-wide, there hasn’t been mooted the idea of a planet-wide currency that is operated through a World Bank, something like the International Monetary Fund.
As far as I am aware, this idea was put forward in a series of Science Fiction books in the 1940′s by an author known as E. E. ‘Doc’ Smith.
I am sure that some of the financial wizards of the recent past have read of this idea, but to ensure that they and their respective governments have a tight hold on their country’s fiscal policy, they, like a great many giant organizations, have kept ideas like this close to their chest.
It well past time that, in this twenty-first century, a common monetary system was thought out and implemented for every country on this planet.
In this way, any corrupt government may be forced out of office as soon as their finances showed a degree of malfeasance, or the accounts of such government officials, from the head of state down, showed a greater increase than would normally be the case.
The operators of such a World Bank would, of necessity, be of such moral character as to be incorruptible. Any indication of moral turpitude would be grounds for instant dismissal and blacklisting from any financial institution allied to such a World Bank.
This, of course, rules out 50% at least of the present financial wizards and probably 85% of the world’s countrys.
I agree totally with boyoboy0.